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ICICI Securities Report
Strides Pharma Science Ltd.’s Q4 FY22 performance was above our estimates driven by strong recovery across business segments.
Revenue grew 9.0% QoQ to Rs 8.7 billion (our estimate: Rs 7.8 billion). U.S. revenue grew 15.8% QoQ to $44 million as against our estimate of $36 million.
Sequential improvement in gross margin coupled with operational leverage lifted Ebitda margin to 4.8% (up 420 bps QoQ).
Strides Pharma believes it can achieve $250 million sales in the U.S. in FY23 driven by new product launches (~20/year) including the integration of Endo Pharma portfolio.
Strides Pharma has announced a series of steps to be undertaken in FY23, which include debt reduction (~Rs 10 billion), inventory normalisation, cost reduction and unprofitable business exits.
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